Whelan offloads Huron portfolio as investor splashes out £50m on properties
The Huron portfolio, previously owned by the family of David Whelan, of Wigan Athletic FC, JJB Sports and DW Sports fame, has been acquired by Edge Real Estate Property Investments in a six-month spending spree amounting to £50m, funded by ICG Longbow.
The portfolio comprises an impressive mix of properties, including nine DW Fitness Health & Leisure clubs across the UK, prestigious Manchester city centre building 8 King Street, four retail assets in Wilmslow, Wigan, Lancaster, Northampton and a single industrial investment in Wigan.
The Real Estate team plans to add value to the assets over the next three years working with the occupiers to refurbish and improve the property performance.
The group has also recently acquired the Denton Holme Student Village in Carlisle, which is a 249-bed student accommodation scheme with an approved phase two for a further 250 beds.
Brendan Flood, chairman of Real Estate Group, said: “We are delighted to have significantly expanded our investment business with several interesting long lease assets. During the last two years, we have worked hard to grow the investment business and will continue to prioritise similar opportunities in economically strong locations.”
Real Estate’s urban development partnership, Cole Waterhouse, recently received planning for the 214,000sq ft residential scheme No.1 Old Trafford and has submitted planning on a £100m student accommodation campus in Wembley.
Flood is also partnering with Gary Neville and Ryan Giggs to deliver the mixed-use St Michael’s development in Manchester.
ICG-Longbow, the real estate business of Intermediate Capital Group PLC (ICG), is an investment manager focused on the UK commercial property debt market with £3bn assets under management.
Irwin Mitchell acted for Real Estate Group and Field Fisher acted for Huron.
